17.08.2009 LUKOIL CRUDE OIL PRODUCTION INCREASED BY 4% IN THE FIRST HALF OF 2009

17.08.2009 LUKOIL CRUDE OIL PRODUCTION INCREASED BY 4% IN THE FIRST HALF OF 2009

17.08.2009

LUKOIL CRUDE OIL PRODUCTION INCREASED BY 4% IN THE FIRST HALF OF 2009

LUKOIL Group total hydrocarbon production available for sale reached 2,220 th. boe per day in the first half of 2009, which is a 2.0% increase y-o-y. Crude oil production by LUKOIL Group increased by 4.0% y-o-y to 1,981 th. barrels per day.

Crude oil production of LUKOIL Group in the first half of 2009 totalled 48.63 mln tons. At the same time, crude oil output from the Yuzhnaya Khylchuya field in Timan-Pechora, brought into production in 2008, reached almost 3.2 mln tons. Natural and petroleum gas output of LUKOIL Group available for sale was 7.36 bcm: output as part of international projects totalled 2.35 bcm (grew by 26.2% y-o-y), output in Russia was down 23.4% y-o-y to 5.01 bcm. The decrease in gas output available for sale in Russia was due to the decrease in purchases of gas by Gazprom.

Throughputs at the Company’s refineries (including its share in throughput at the ISAB refining complex) increased by 10.4% y-o-y in the first half of 2009 and reached 29.97 mln tons. Throughputs at the Company’s refineries in Russia increased by 0.3% y-o-y, throughputs at the Company’s international refineries grew by 51.2% y-o-y.

Hydrocarbon production available for sale

1H2009

1H2008

Growth

Hydrocarbon production, th. boe per day

2,220

2,176

+2.0%

Crude oil output, th. bpd*

1,981

1,905

+4.0%

Natural and petroleum gas output available for sale, th. boe per day**

239

271

-11.8%

Crude oil output, th. tons

1H2009

1H2008

Growth

LUKOIL Group output:

48,633

47,006

+3.5%

Including

Subsidiary companies

47,408

45,803

+3.5%

Share in affiliated companies

1,225

1,203

+1.8%

Russia:

45,784

44,356

+3.2%

Including

Subsidiary companies

45,634

44,209

+3.2%

Share in affiliated companies

150

147

+2.0%

International projects:

2,849

2,650

+7.5%

Including

Subsidiary companies

1,774

1,594

+11.3%

Share in affiliated companies

1,075

1,056

+1.8%

LUKOIL Group output,th. bpd*

1,981

1,905

+4.0%

* Conversion ratio from tons to barrels characterizes the density of oil from each of LUKOIL oilfields. ** Conversion ratio from cubic meters to barrels of oil equivalents is 1,000 cubic meters = 5.885 boe.

Owned refineries**

29,969

27,149

+10.4%

Russia

21,856

21,783

+0.3%

International

8,113

5,366

+51.2%

Third-party refineries

2,233

2,730

-18.2%

** Including mini-refineries and the Company's share in the ISAB refining complex.

The information is based on preliminary operating data, which may be adjusted and corrected during preparation of LUKOIL financial accounts for the first half of 2009. So the figures in this press-release may differ from operating statistics, which will be published together with the financial accounts.